INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.
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Discuss the situation with her cousin who has shopped at the local bakery a few times.
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Discuss the situation with a family friend who has money and might want to invest in her idea.
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Analyze a national chain that sells pies and model her new business after it. This will save time and money that would otherwise be spent on independent research and planning.
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Detailed explanation-1: -Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity? Conduct market research to determine whether her business idea is a business opportunity that its a consumer need or want.
Detailed explanation-2: -Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.
Detailed explanation-3: -A target market is the specific group of people you want to reach with your marketing message. They are the people who are most likely to buy your products or services, and they are united by some common characteristics, like demographics and behaviors.
Detailed explanation-4: -A consumer market is a market when individuals purchase products or services for their own personal use, as opposed to buying it to sell themselves. Consumer markets consist primarily of products that people use as part of their everyday lives.
Detailed explanation-5: -Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action.